Bank of Baroda reports a net profit of Rs253 crore in Q3
Bank of Baroda’s net profit for the third quarter stood at Rs252.67 crore compared with a loss of Rs3,342.04 crore a year earlier
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Mumbai: Bank of Baroda (BOB) Ltd on Friday reported a net profit for the December quarter helped by an increase in net interest income and other income.
Net profit for the third quarter stood at Rs252.67 crore compared with a loss of Rs3,342.04 crore a year earlier. According to estimates of 20 Bloomberg analysts, BOB was expected to post a net profit of Rs636.50 crore.
Net interest income (NII), or the core income a bank earns by giving loans, rose 15.85% to Rs3,134.36 crore in the December quarter from Rs2,705.34 crore last year.
Other income increased by 60% to Rs1,774.96 crore in the third quarter from Rs1,112.91 crore in the same period last year.
Gross non-performing assets (NPAs) at BOB decreased marginally to Rs42,642.40 crore at the end of the December quarter from Rs42,949.25 crore in the September quarter. As a percentage of total loans, gross NPAs were 11.40% at the end of the December quarter compared with 11.35% in the previous quarter and 9.68% a year ago.
Provisions and contingencies increased 15.79% to Rs2,079.50 crore in the third quarter from Rs1,795.84 crore from the previous quarter. Net NPAs rose to 5.43% in the December quarter, compared with 5.46% in the previous quarter and 5.67% a year earlier.
The results were announced after market close.
On Friday, BoB shares closed up 2% at Rs188.05 on the BSE, while India’s benchmark Sensex Index rose 0.02% to closed at 28334.25 points.